Alex Saunders, the popular crypto influencer behind Nuggets News, is facing a slew of claims he failed to repay crypto loans, along with allegations that funds invested in a new project had been redirected to a crypto exchange.
Saunders is one of the most highly regarded Australian crypto educators. He provides a paid service and has 140,000 subscribers on YouTube.
Over recent days, Crypto Twitter has been ablaze with allegations that Saunders has run out of capital. Numerous individuals, including YouTuber BitBoy, claim that Saunders personally owes them multiple Bitcoin (BTC) each, prompting investigations from the Australian Broadcasting Corporation (ABC) and the Australian Financial Review (AFR).
According to the AFR, Saunders received roughly $7 million from 100 or so investors seeking to back his forthcoming stablecoin project, Decentral Bank, after he promoted it to Nuggets News followers in April. The publication claims to have spoken to more than one dozen investors who backed the project, with each estimating to have put in roughly $50,000.
The AFR reported that investments to Saunders’ wallet appear to have been quickly moved onto popular crypto derivatives exchange FTX. The exchange’s founder, Sam Bankman-Fried, has indicated the team is already investigating the allegations.
Cointelegraph has contacted Saunders to offer him the chance to respond to the allegations and will update this story if he replies.